Short fixed-income futures were -3.7%; long fixed-income futures were 3.4%; long equity futures were 2.4%; and delta adjusted purchased equity call options were 2.8%. Futures contracts do not require cash outlay; the notional value is reported.

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Sector

% of Equity Portfolio

% of Russell 1000 Value

Variance

Consumer Discretionary

9.9

6.7

3.2

Consumer Staples

6.5

7.7

-1.2

Energy

8.8

11.7

-2.9

Financials

18.7

26.9

-8.2

Health Care

11.1

13.7

-2.6

Industrials

8.7

8.0

0.7

Information Technology

18.1

9.1

9.0

Materials

4.4

2.9

1.5

Real Estate

4.1

4.6

-0.5

Telecommunication Services

2.6

2.7

-0.1

Utilities

4.5

6.0

-1.5

Cash/Cash Equivalents

2.6

—

—

Total % of Portfolio:

100.00

100.0

—

Current performance may be lower or higher than what is stated.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

There are no guarantees that dividend-paying stocks will continue to pay dividends. In addition, dividend-paying stocks may not experience the same capital appreciation potential as non-dividend-paying stocks.

International investing involves special risks including currency risk, increased volatility, political risks, and differences in auditing and other financial standards. Prices of emerging-market securities can be significantly more volatile than the prices of securities in developed countries, and currency risk and political risks are accentuated in emerging markets

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks and may be more volatile than investment-grade securities.

* The ratings agencies that provided the ratings are Standard and Poor's, Moody's and Fitch. When ratings vary, the highest rating is used. Credit ratings of A or better are considered to be high credit quality; credit ratings of BBB are good credit quality, and the lowest category of investment grade; credit ratings BB and below are lower-rated securities ("junk bonds"); and credit ratings of CCC or below have high default risk. The credit quality breakdown does not give effect to the impact of any credit derivative investments made by the fund.

The holdings percentages are based on net assets at the close of business on the date above, and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes. Because this is a managed portfolio, the investment mix will change.

Current and future portfolio holdings are subject to risk.

1 Portfolio holdings for money market funds are available on the 5th business day of the month. Portfolio holdings for equity and fixed-income funds are available the 30th of the month following calendar quarter end. If the 30th falls on a weekend or holiday, the portfolios will be available on the next business day.

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.